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BIOX ANNOUNCES SECOND QUARTER RESULTS

TORONTO, May 5 /CNW/ - BIOX Corporation (BIOX) (TSX: BX), a renewable
energy company that designs, builds, owns and operates biodiesel
production facilities, today announced its fiscal 2011 second quarter
(Q2 2011) financial results for the three-month period ended March 31,
2011.

Highlights

Production of methyl esters was 14.9 million litres in Q2 2011 compared
to 15.6 million litres in Q2 2010

Sales were $22,862,000 in Q2 2011 compared to $14,844,000 in Q2 2010

Operating loss was $1,279,000 in Q2 2011 compared to $822,000 in Q2 2010

Operating loss prior to non-cash items(1) was $174,000 in Q2 2011 compared to operating income prior to non-cash
items of $229,000 in Q2 2010

Net loss was $1,968,000 in Q2 2011 compared to $5,950,000 in Q2 2010

Loss per share was $0.04 in Q2 2011 compared to $0.20 in Q2 2010

Appointed William Johnson to the position of President and Chief
Executive Officer

Hosted the federal Ministers of the Environment and Agriculture and
Agri-Food Canada at BIOX's Hamilton facility to announce the
implementation of the 2% renewable fuel content requirement in diesel
fuel and heating oil, effective July 1, 2011

Received notification that BIOX will receive an exemption from
countervailing duties imposed by the European Union on biodiesel
imports from the U.S. and Canada

"Sales remained strong in Q2, following the trend from the previous
quarter. The price we receive for our biodiesel has been positively
impacted by the implementation of the mandated minimum biodiesel volume
requirements in the U.S. last year. As a low cost producer selling into
a market that is mandated to grow we are in a strong position to
capitalize on this continuing improved pricing environment," said Bill
Johnson, President and CEO of BIOX Corporation. "With Canada joining
the U.S. by announcing the implementation of mandated minimum volumes,
together with the improved pricing, we are moving forward with our
expansion plans and actively pursuing potential locations for our
second plant in Canada or the U.S."

Financial Highlights
Sales were $22.9 million and $49.9 million, respectively, for the
three-month and six-month periods ended March 31, 2011, compared to
$14.8 million and $26.4 million for the corresponding periods in 2010.
The increase is primarily due to increased sales of inventory produced
and stored from earlier periods and higher revenue per litre of
biodiesel sold.

Direct expenses were $21.0 million and $42.8 million, respectively, for
the three-month and six-month periods ended March 31, 2011, compared to
$13.1 million and $23.2 million for the corresponding periods in 2010.
The increase in direct expenses in 2011 is due to higher sales volumes
and higher cost per litre sold due to changes in commodity prices,
primarily the price of feedstock.

General and administrative expenses were $2.1 million and $3.8 million,
respectively, for the three-month and six-month periods ended March 31,
2011 compared to $1.5 million and $2.7 million for the corresponding
periods in 2010. This increase is primarily due to $0.4 million of
non-recurring costs related to the CEO transition and the additional
administrative costs and professional fees as a result of BIOX becoming
a public company on March 1, 2010.

Operating income (loss) was $(1.3) million and $1.0 million,
respectively, for the three-month and six-month periods ended March 31,
2011 compared with $(0.8) million and $(1.6) million for the
corresponding periods in 2010. The increase in operating income during
the six-month period ended March 31, 2011 was primarily due to higher
sales partially offset by increased direct cost of sales per litre.

Operating income (loss) prior to non-cash itemswas $(0.2) million and $3.2 million, respectively, for the three-month
and six-month periods ended March 31, 2011, compared with $0.2 million
and $0.5 million for the corresponding periods in 2010.

Combined operating income prior to non-cash items for BIOX's
wholly-owned subsidiaries, BIOX Canada Limited and BIOX USA Limited,
was $1.7 million and $6.6 million, respectively, for the three-month
and six-month periods ended March 31, 2011 compared with $1.5 million
and $2.8 million for the corresponding periods in 2010.

Net loss and comprehensive loss was $2.0 million or $0.04 per share and
$0.2 million or nil per share, respectively, for the three-month and
six-month periods ended March 31, 2011 compared with $6.0 million or
$0.20 per share and $7.0 million or $0.27 per share for the
corresponding periods in 2010. The change was primarily due to the
$4.5 million of non-recurring charges in March 2010 related to the
amalgamation completed on March 1, 2010, and higher sales partially
offset by increased direct cost of sales per litre.

As at March 31, 2011, BIOX's available cash position amounted to $23.5
million, which consisted of cash and cash equivalents and short-term
investments, compared with $21.5 million on September 30, 2010. Working
capital as of March 31, 2011, was $33.2 million. The Company believes
that its future cash flow from operations combined with its current
financial resources should be sufficient to enable BIOX to meet its
ongoing requirements for capital expenditures and working capital
requirements, including the construction and commissioning of a second
67 million litre per annum nameplate capacity production facility as
detailed in the Expansion Plans section below.

As at March 31, 2011, the Company had 45,748,691 common shares
outstanding, as well as outstanding stock options to purchase 1,150,000
common shares and share purchase warrants to acquire up to 1,982,143
common shares.

Outlook

Expansion Plans

The increased demand for biodiesel as a result of the expanded Renewable
Fuels Standard ("RFS2") in the U.S. has had a positive impact on
pricing. This impact is reflected by the rise in value of the RFS2
compliance mechanism, Renewable Identification Numbers ("RINs"), to
$1.25 on May 4, 2011 (with each U.S. gallon of production providing 1.5
RINs). The mandated biodiesel minimum volume requirement in the U.S. is
an important step in the evolution of a sustainable biodiesel industry.
As such, BIOX is proceeding with its expansion plans by actively
pursuing potential locations for the second BIOX facility in both
Canada and the U.S. The criteria under consideration for the location
of the second facility include the availability of infrastructure and
service providers, potential strategic partnerships, logistics and
other market factors. The Company believes it possesses sufficient
available resources for the second facility based on its existing cash
on hand, working capital and its future cash flow from existing
operations.

Canadian Renewable Fuel Content Regulations

In August 2010, the Canadian federal government enacted regulations that
require an average renewable fuel content to be blended into gasoline,
diesel fuel and heating oil. The compliance period for the 2%
renewable fuel content requirement in diesel fuel and heating oil is
July 1, 2011 to December 31, 2012, as published in the Gazette Part I
on February 25, 2011. The compliance period for the 5% renewable
content requirement in gasoline is December 15, 2010 to December 31,
2012. BIOX's biodiesel qualifies as renewable content and can therefore
be used to comply with both the 5% gasoline requirement as well as the
2% biodiesel and heating oil requirement.

ecoENERGY

Natural Resources Canada ("NRCan") has informed BIOX that partial
incentive funding is now available from the ecoENERGY for Biofuels
program for the second proposed Hamilton facility. As part of the
original announcement, BIOX's application for a second 67 million litre
per annum nameplate capacity biodiesel facility in Hamilton, Ontario
met all requirements to be accepted for incentive funding, but
sufficient funds were not available at that time to fund the proposed
Hamilton facility. Based on the partial incentive funding available,
BIOX is pursuing further discussions with the Government of Canada, in
parallel to its evaluation of potential locations in Canada and the
U.S., to determine if additional funding can be made available in a
timely manner to provide full incentive payments for a second Hamilton
facility.

European Union Tariff on Biodiesel Imports from Canada

The European Union ("EU") originally imposed countervailing duties
("CVD's") on U.S. biodiesel imports of greater than B20 (more than 20%
biodiesel blended with less than 80% petroleum diesel) in 2009. This
CVD was implemented on U.S. origin biodiesel and biodiesel blends of
greater than 20% imported into the EU in order to offset the benefit of
the U.S. Blender Tax Credit. Recent disclosures from the European
Commission report that those CVD's will now be extended to include
imports of blended products containing greater than B20 listed as
originating in Canada as well as the U.S. The value of the CVD is €237
per tonne of imported biodiesel. The extension of the CVD from U.S. to
Canadian exports of products containing greater than 20% biodiesel is
meant to prevent the alleged circumvention of the CVD pertaining to
U.S. product. Extending the tariff to include Canadian biodiesel and
biodiesel blends of greater than B20 is intended to discourage
biodiesel originating in the U.S. from being sold through Canada,
re-labeled to be of "Canadian origin", as a way to circumvent the
CVD's imposed on U.S. products, into the EU market.

The EU has indicated that BIOX will receive an exemption from the CVD
effectively making BIOX one of only two entities in North America
exempted from the CVD imposed by the EU Commission.

Notice of Conference Call

BIOX will hold a conference call today, May 5, 2011, at 10:00 a.m. ET
hosted by Mr. Bill Johnson, President and Chief Executive Officer and
Mr. Chris Clinning, Chief Financial Officer, to discuss BIOX's
financial results and corporate developments. To access the conference
call by telephone, dial (647) 427-7450 or (888) 231-8191. To access the
telephone replay, dial (416) 849-0833 or (800) 642-1687 and enter
reservation number 63852664. A live audio webcast of the call will be
available at www.bioxcorp.com. The webcast will be archived for 90 days.

1) Note: Non-GAAP Measures. Operating income (loss) prior to non-cash
items is defined as operating income or loss less production facility
depreciation and amortization, and less amortization of furniture,
equipment and intangibles. Management uses this measurement to monitor
the operating cash flow of BIOX's business and believes this
information is useful supplemental information to a reader of financial
statements. This measurement may not be comparable to similar measures
presented by other issuers. Investors are cautioned that operating
income (loss) prior to non-cash items should not be construed as an
alternative to operating income (loss) determined in accordance with
Canadian generally accepted accounting principles as an indicator of
BIOX's performance.

Reconciliation of Non-GAAP Measures
The following table presents a reconciliation of operating income (loss)
prior to non-cash items to operating income (loss) for the three months
and six months ended March 31, 2011 and 2010:

(in thousands)

Three months endedMarch 31

Six months endedMarch 31

2011

2010

2011

2010

Operating income (loss) before non-cash items

$(174)

$229

$3,227

$508

Production facility depreciation and amortization

$(1,021)

$(987)

$(2,046)

$(1,949)

Amortization of furniture, equipment and intangibles

$(84)

$(64)

$(167)

$(145)

Operating income (loss)

$(1,279)

$(822)

$1,014

$(1,586)

About BIOX Corporation

BIOX is a renewable energy company that designs, builds, owns and
operates biodiesel production facilities. BIOX currently owns and
operates a biodiesel production facility in Hamilton, Ontario, Canada
with a nameplate capacity of 67 million litres per year. BIOX has an
innovative, proprietary and patented production process that is capable
of producing the highest quality, renewable, clean burning and
biodegradable biodiesel fuel utilizing a variety of feedstocks - from
pure seed oils to animal fats to recovered vegetable oils with no
change to the production process. BIOX's high quality biodiesel fuel
meets North American (ASTM D-6751) quality standards. BIOX is Canada's
largest biodiesel producer and is focused on building, owning and
operating a network of commercial scale biodiesel production facilities
in jurisdictions where clearly defined renewable fuel standards
policies exist.

Forward-looking Statements

Certain statements in this press release constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance,
objectives or achievements of BIOX, or industry results, to be
materially different from any future results, performance, objectives
or achievements expressed or implied by such forward-looking
statements. These statements reflect BIOX's current views regarding
future events and operating performance are based on information
currently available to BIOX, and speak only as of the date of this
press release. These forward-looking statements involve a number of
risks, uncertainties and assumptions and should not be read as
guarantees of future performance or results, and will not necessarily
be accurate indications of whether or not such performance or results
will be achieved. Those assumptions and risks include, but are not
limited to, the fact that BIOX's results of operations and business
outlook are highly dependent on a mix of legislation and producer
payment programs and tax credits, including inclusion of BIOX's second
production plant in the ecoENERGY for Biofuels Program; and upon
commodity prices, which are subject to significant volatility and
uncertainty. Many factors could cause the actual results, performance
or achievements of BIOX to be materially different from any future
results, performance or achievements that may be expressed or implied
by such forward-looking statements, including factors described in this
press release and those discussed in BIOX's publicly available
disclosure documents, as filed by BIOX on SEDAR (www.sedar.com). Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described in
this press release as intended, planned, anticipated, believed,
estimated or expected. Unless required by applicable securities law,
BIOX does not intend and does not assume any obligation to update these
forward-looking statements.